El Salvador continuously increased its efforts to generate revenue for the country with Bitcoin focused initiatives, with the help of the country’s abundant energy sources.
El Salvador became the first country in the world to adopt Bitcoin as a currency in Sep 2021. So far, El Salvador established several Bitcoin education offices, digital Bitcoin wallet Chivo, and Bitcoin Bond to allow citizens to invest in the country’s Bitcoin focussed initiatives.
On 5 June 2023, Bitcoin Magazine, a popular Bitcoin news media co-backed by Ethereum co-founder Vitalik Buterin, reported that El Salvador is planning to establish a new renewable energy power plant of capacity 241 Megawatt (MW).
Bitcoin bull country will combine solar and wind projects for this energy power plant and plan to invest nearly $1 billion in this project.
On the same day, Top stablecoin issuer Tether announced that it will participate in Salvador’s $1 Billion Bitcoin mining energy power plant.
Tether CTO Paolo Ardoino said that Tether will support El Salvador with its capital & tech expertise to push El Salvador’s position as a big hub of Bitcoin mining energy.
Last month, Tether announced that it will invest in renewable energy projects in Uruguay to establish a Bitcoin mining business.
Read Also: What is bitcoin and how does it impact our tradtional finance system
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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